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Found 2 results

  1. I've been wondering for a bit, how it works for people who win the lotto. Lets say you win like $20 million. Do you get taxed once if you made that in one year, or will they tax you every year?
  2. Only reason I am asking, you get dinged 31% if you take out over $15000 and you get dinged again because the Canadian / Quebec government consider it income. So honestly, what is the use to have something like this, if you are just going be penalized for saving money. $15000 turns into $10350 which turns into $9016.75 At least the TFSA you don't get taxed but there is a limit on how much you can put in. If you haven't put in any money since they started in 2009, you deposit $15,000 and whatever you make from it is tax free